Regulatory Alerts2024-10-23 | 24018Added · Updated
Payments System Guideline No 3 – Operation of Payment Service Providers
Non-bank entities offering payment or bill payment services in Trinidad and Tobago must register with the Central Bank, submitting specific application forms and documentation including audited financial statements and organizational structures. Registered providers are required to disclose service conditions, charges, and liabilities to users, notify changes at least one month in advance, and facilitate clear transaction identification. The Central Bank may remove a provider from the register for inactivity, false information, or unlawful operations, following a notice and representation process. Providers are liable for unauthorized transactions and must refund unauthorized amounts if they fail to provide required information or notification mechanisms.